The bill continues tax cuts from President Trump's first stint in the White House, funds his border wall plan, and increases defense spending. The associated fiscal impact of this is offset by reducing federal support for key components of the social safety net, including food assistance and health coverage programs.

The One, Big, Beautiful Bill recently passed the Senate with provisions that would increase after-tax income for millions of retired workers on Social Security.

Senate passes Trump-backed bill ending Social Security taxes for retirees, but changes may speed up trust fund insolvency and face hurdles in the House.